NANAIMO, British Columbia & SANTIAGO, Chile--(BUSINESS WIRE)--Oct. 9, 2018--
Tilray, Inc. (NASDAQ: TLRY), a global leader in cannabis research and
production, today announced that it has completed an acquisition of its
existing import and distribution partner Alef Biotechnology SpA
(“Alef”). The acquisition will allow Tilray to import, produce and
distribute Tilray branded medical cannabis products in Chile and to
create a hub to distribute Tilray products throughout Latin America.
Tilray purchased all the outstanding equity of Alef for approximately
C$5,000,000 (Canadian dollars). The purchase was comprised of
approximately C$250,000 in cash paid at closing, and C$4,750,000 in
Tilray Class 2 common stock, subject to a standard working capital
adjustment and Alef achieving certain business milestones within a
twelve-month period after closing.
“Today’s announcement marks another milestone for Tilray as we expand
our global footprint and solidify our presence in Latin America by
officially welcoming Alef to the Tilray team,” said Brendan Kennedy,
President and Chief Executive Officer of Tilray. “The Chilean government
has been a pioneer legitimizing and regulating medical cannabis in Latin
America, and we are thrilled to be investing in one of the region’s most
exciting markets for biopharmaceutical development.”
Tilray previously announced a partnership with Alef in February 2017 to
import and distribute Tilray products in Chile and Brazil. Alef is
currently licensed by the Chilean government to commercially produce
medical cannabis and is developing a state-of-the-art facility to
domestically produce and process medical cannabis products. Chilean law
permits patients to access medical cannabis products under the
supervision of a recommending physician.
As a part of the acquisition, Tilray will retain current Alef employees
Alan Nudman as Chief Executive Officer, and Ariel Nudman, as Chief Sales
Officer. Alan and Ariel will oversee the strategic growth of Alef
Biotechnology under the global leadership of Tilray.
“The agreement with Tilray is an incredibly exciting moment for Alef and
the entire medical cannabis community in Latin America,” says Alan
Nudman, Chief Executive Officer of Alef. “In partnership with Tilray,
Alef was the first company to offer medical cannabis products through
pharmacies anywhere in the Americas and we are looking forward to
increasing access for patients throughout Latin America through this
acquisition.”
About Tilray®
Tilray is a global pioneer in the research,
cultivation, production and distribution of medical cannabis and
cannabinoids currently serving tens of thousands of patients in twelve
countries spanning five continents.
About Alef Biotechnology
Alef Biotechnology is licensed by
the Chilean government to commercially produce medical cannabis. The
company is focused on medical cannabis research and development for the
treatment of various medical conditions. Its purpose is to increase the
quality of life of those in pain, bringing dignity by developing
innovative drugs and novel drug delivery systems to the market.
Cautionary Note Regarding Forward-looking Statements
This press release contains “forward-looking statements”, which may
be identified by the use of words such as, “may”, “would”, “could”,
“will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”,
“forecast”, “project”, “estimate”, “outlook” and other similar
expressions, including statements related to Tilray’s ability to import,
produce and distribute Tilray branded products in Chile and throughout
Latin America. Forward-looking statements are not a guarantee of future
performance and are based upon a number of estimates and assumptions of
management in light of management’s experience and perception of trends,
current conditions and expected developments, as well as other factors
that management believes to be relevant and reasonable in the
circumstances, including assumptions in respect of current and future
market conditions. Actual results, performance or achievement could
differ materially from that expressed in, or implied by, any
forward-looking statements in this press release, and, accordingly, you
should not place undue reliance on any such forward-looking statements
and they are not guarantees of future results. Forward-looking
statements involve significant risks, assumptions, uncertainties and
other factors that may cause actual future results or anticipated events
to differ materially from those expressed or implied in any
forward-looking statements. Please see the heading “Risk Factors” in
Tilray’s Quarterly Report on Form 10-Q for the quarter ended June 30,
2018 and the risks discussed in Tilray’s other filings with the
Securities and Exchange Commission for a discussion of the material risk
factors that could cause actual results to differ materially from the
forward-looking information. Tilray does not undertake to update any
forward-looking statements that are included herein, except in
accordance with applicable securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181009005325/en/
Source: Tilray, Inc.
Media:
Tilray
Chrissy Roebuck, +1-416-560-5712
chrissy.roebuck@tilray.com
or
Investors:
ICR
Katie
Turner, +1-646-277-1228
Katie.turner@icrinc.com
